MIGA and Ethiopia Strengthen Ties
WASHINGTON, DC, April 26, 2011—At a host country agreement signing ceremony held on April 21, the Multilateral Investment Guarantee Agency (MIGA) and the government of the Federal Democratic Republic of Ethiopia committed to working together to boost foreign direct investment into the country. Ethiopia has been a member of MIGA since 1991, but the agreement signed last week by H.E. Sufian Ahmed, Minister of Finance and Economic Development and Izumi Kobayashi, MIGA’s Executive Vice President, will further facilitate the agency’s ability to support future investments in the country.
"I am very pleased to sign this agreement, which would facilitate increased involvement by MIGA in encouraging more foreign investment into Ethiopia," Sufian Ahmed said at the signing ceremony. Kobayashi noted that the investor community is growing more and more interested in Ethiopia as an investment destination. "We are very pleased to reach this important milestone that will allow us to be more proactive in providing guarantees in support of sustainable foreign direct investment into Ethiopia," she said.
In fiscal year 2010, MIGA supported its first investment into Ethiopia. MIGA’s guarantee of $10 million is supporting the africa JUICE Tibila Share Company. This fruit plantation and processing facility employs 2,400 people from the local community.